The government on Thursday claimed that inflation in the first half year of the current fiscal year slowed to 7.2 per cent from 28.8pc in the same period last year, mainly due to action against illegal foreign exchange companies, smuggling and hoarding. According to the finance ministry announcement on Thursday, the sharp deceleration in inflation is attributed to exchange rate stability, prude
The government on Thursday stopped procurement of around 1,100 vehicles for employees of the Federal Board of Revenue (FBR) till the finalisation of an investigation into allegations of malfeasance, threats to the whistleblowing senator and raids on a rival car manufacturer. This was the crux of a meeting of the Senate Standing Committee on Finance & Revenue in which the finance minister pledge
The European Union (EU) on Friday reminded Pakistan that trade benefits enjoyed by the country under the Generalised Scheme of Preferences Plus (GSP+) depend on the progress made in addressing a list of issues, including human rights, and tangible reforms remain essential, a statement by the mission said. The EU is Pakistan’s second-largest trading partner, with the GSP+ status allowing the co
Stocks at Pakistan's bourse closed lower on Wednesday, driven by selling pressure due to rollover of futures' contracts and concerns over a cautious policy rate cut by the State Bank of Pakistan (SBP). Analysts cited rupee instability, political uncertainty and doubts over ability to meet the International Monetary Fund (IMF) tax collection targets, as factors behind bearish activity. As a resu
An increase in both global and local gold prices was observed following a significant drop a day earlier. According to reports, the price of gold per ounce increased by $22 in the international bullion market, reaching a new level of $2,763. Meanwhile, gold per tola surged in the local markets by Rs2,300, reaching Rs 288,700. The price of gold per 10 grams also saw an increase of Rs 1,972,